2016-built vessel goes to its new owner
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The U.S. Bureau of Ocean Energy Management (BOEM) has proposed the date for the third offshore lease sale out of thirty Gulf of America (U.S. Gulf of Mexico) oil and gas lease sales under the One Big Beautiful Bill Act.
Shortly after releasing the final notice of sale for Big Beautiful Gulf 2 (BBG2), slated for March 2026, BOEM announced a proposed notice of sale for the third offshore oil and gas lease sale, known as Big Beautiful Gulf 3 (BBG3), which is scheduled to take place on August 12, 2026.
A predictable sale schedule is perceived to be delivering on President Donald Trump’s promise to expand American energy production and strengthen energy dominance. Lease sale BBG3 proposes to offer approximately 15,066 unleased blocks covering 80.4 million acres on the U.S. Outer Continental Shelf in the Gulf of America.
The blocks located 3 to 231 miles offshore, span water depths from 9 feet to more than 11,100 feet. The Gulf of America Outer Continental Shelf, which spans approximately 160 million acres, is estimated to contain 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic feet of natural gas.
Matt Giacona, BOEM’s Acting Director, commented: “Lease Sale BBG3 marks another major milestone in the Gulf of America. Building on the momentum of BBG1 and BBG2, this proposed sale reinforces BOEM’s commitment to regular offshore leasing as required under the One Big Beautiful Bill Act.
“By offering leases with a competitive 12.5% royalty rate, BBG3 sends a clear signal that the era of regulatory uncertainty is behind us, and a new phase of responsible energy leadership has begun.”
BOEM explains that certain areas will be excluded from the sale, including blocks subject to the presidential withdrawal from September 8, 2020; blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the Eastern Gap; and blocks within the boundaries of the Flower Garden Banks National Marine Sanctuary.
The proposed notice of sale will be published in the Federal Register on February 20, 2026, initiating a 60-day comment period for affected state governors and local governments. Following the review of governor input, a final notice of sale will be available in the Federal Register at least 30 days prior to the scheduled lease sale date.
As Outer Continental Shelf oil and gas activities generate billions of dollars from lease sales, rental fees, and royalties, the funds are distributed to the U.S. Treasury, as well as states through several different revenue sharing programs that fund coastal restoration and hurricane protection projects.
The largest portion is said to go to the General Fund of the U.S. Treasury, which benefits all U.S. citizens through funding of daily operations of the federal government. As a result, offshore development is interpreted to fuel state and federal revenues, helping fund infrastructure, education, and public services.
BOEM emphasized: “Energy independence is a cornerstone of U.S. sovereignty, economic strength, national security, and global stability, boosting American energy dominance and reducing reliance on unstable foreign producers.
“By continuing to expand offshore capabilities, the United States ensures affordable energy for consumers, strengthens domestic industry and reinforces its role as an energy superpower.”
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